Belgian drug maker UCB said Wednesday that it is expanding its portfolio of epilepsy treatments by acquiring Zogenix, a U.S.-based biotech with an approved drug for rare childhood seizures, for as much as $1.9 billion.
Under the terms of the deal, Zogenix will be purchased for $26 per share, or 66% higher than Tuesday’s closing price. UCB has also agreed to pay Zogenix shareholders an added payment equal to $2 per share, contingent on the company’s drug, called Fintepla, winning European approval by the end of 2023.
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